VietNamNet Bridge - Vietnam has great advantages to develop blockchain technology because of its many talented math and science personnel, experts say.

Blockchain technology has been utilized in agriculture

Mitchell Pham, the co-founder of Blockchain Smart Links Swiss and Lina.Review, a blockchain-based ecosystem, said if Vietnam can exploit the young talented workforce, it will become the blockchain supplier to the world.

“It is now the time for blockchain to develop strongly all over the world and in Vietnam, where there are young engineers ready to receive blockchain,” he said.

“Vietnam is emerging as one of the economies with the highest growth rates in the world, 6-7 percent per annum, and 40 percent of population aged under 24,” he added.

Lynn Hoang from Infinity Blockchain Labs also said one of Vietnam’s greatest advantages when applying blockchain is the competitive production costs thanks to low labor costs.

The number of qualified engineers has been increasing. Over 290 universities in Vietnam produce IT engineers and 40,000 IT engineers enter the labor market each year.

Growers can check where their vegetables are sold and at what prices, while buyers can check where the vegetables are grown and with which methods. In education, employers can trace the school history of candidates, thus discovering counterfeit degrees.

In Vietnam, many people misunderstand that blockchain is used only in the finance sector and equate blockchain with cryptocurrency.

But in fact, experts say, blockchain can be used in many business fields, including finance, agriculture and transportation, and they recommend stepping up research and use of blockchain in business fields because this is a platform technology for the digital economy.

According to Giap Van Dai, CEO of Nami Labs, blockchain, when used in agriculture, allows the tracing of information of products.

Growers can check where their vegetables are sold and at what prices, while buyers can check where the vegetables are grown and with which methods. In education, employers can trace the school history of candidates, thus discovering counterfeit degrees.

In payment services, Nguyen Hung Nguyen, IT director of the National Payment Corporation (Napas), in the context of current stiff competition, payments must be the first sector to utilize blockchain technology.

He said that Vietnam has great advantages in receiving and applying blockchain because it does not have many old infrastructure items, which may hinder someone from trying new technologies.

Meanwhile, Vuong Quang Long, director of TomoChain, a startup in blockchain, said blockchain has high automation level, thus reducing the cost for the hosts and operation.

As all operations can be implemented through smart contracts, errors can be minimized, thus reducing total expenses for enterprises.

It is expected that blockchain will be one of the top 10 leading technologies in the world.